British Prime Minister Theresa May announced her resignation on Friday. The PM was in tears while announcing her decision to quit.
The European Union has granted the UK a "flextension" until Oct. 31.
After rejecting Prime Minister's Brexit plan twice, the British Parliament on Wednesday voted to reject a no deal Brexit too.
Britain's separation from the European Union with a "no deal Brexit" would seriously hurt Germany's job sector. Hardest hit will be the German auto, consumer goods, and banking sectors.
Prime Minister Theresa May has come under fire for the 1.6 billion pound ($2.1billion) fund that promises economic growth for pro-Brexit communities.
The ongoing policy uncertainty affects both ends of the economy: consumers and producers.
Brexit is unlikely to happen on March 29 and may drag on until 2021.
Theresa May's Brexit divorce deal was defeated in Britain's Parliament by 230 votes Tuesday, pushing the prime minister and the country into political chaos.
May is battling to persuade lawmakers to support the divorce agreement she has sealed with the EU when the House of Commons votes on Dec. 11.
The Bank of England warned that such a scenario could plunge the country into its deepest recession in decades.
Leaving the European Union without a divorce deal could plunge Britain into its deepest recession in nearly a century, the Bank of England warned Wednesday.
Theresa May is making a blunt appeal to voters and to lawmakers to support her divorce deal, arguing that any alternative would be a jump into the unknown.
PM Theresa May's rosy predictions met with resistance on many fronts in Parliament, which is expected to vote on the Brexit plan next month.
Prime Minister emerged from a marathon five-hour Cabinet meeting to say agreement had been reached.
Theresa May's Cabinet met for an update on the talks, with the prime minister under pressure from pro-Brexit ministers not to make further concessions to the EU.
May faces growing dissent and vitriol from her political opponents in her own Conservative Party.
Prime Minister Theresa May says "a border in the Irish Sea" was unacceptable.
The cost of failure in Birmingham will be very high for May, the Conservative Party, and the country.
Overall, neither proposal is very attractive from an economic point of view.
French President Emmanuel Macron called pro-Brexit U.K. politicians "liars" who had misled the country
Theresa May's trip to Austria has made it even harder to argue that Chequers is really the answer to the Brexit question.
The Brexit-supporting UK tabloid Sun branded bloc leaders "EU dirty rats," accusing "Euro mobsters" Tusk and Macron of "ambushing" May.